Correlation Between IMAGIN MEDICAL and Canadian Natural
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Canadian Natural at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining IMAGIN MEDICAL and Canadian Natural into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IMAGIN MEDICAL INC and Canadian Natural Resources, you can compare the effects of market volatilities on IMAGIN MEDICAL and Canadian Natural and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in IMAGIN MEDICAL with a short position of Canadian Natural. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Canadian Natural.
Diversification Opportunities for IMAGIN MEDICAL and Canadian Natural
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and Canadian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Canadian Natural Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian Natural Res and IMAGIN MEDICAL is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on IMAGIN MEDICAL INC are associated (or correlated) with Canadian Natural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian Natural Res has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Canadian Natural go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and Canadian Natural
If you would invest 2,838 in Canadian Natural Resources on October 23, 2024 and sell it today you would earn a total of 296.00 from holding Canadian Natural Resources or generate 10.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.75% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. Canadian Natural Resources
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| Canadian Natural Res |
IMAGIN MEDICAL and Canadian Natural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and Canadian Natural
The main advantage of trading using opposite IMAGIN MEDICAL and Canadian Natural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Canadian Natural can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Canadian Natural will offset losses from the drop in Canadian Natural's long position.| IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Medtronic PLC | IMAGIN MEDICAL vs. Stryker |
| Canadian Natural vs. Columbia Sportswear | Canadian Natural vs. Playtech plc | Canadian Natural vs. PLAYMATES TOYS | Canadian Natural vs. LOANDEPOT INC A |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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